MGM Wireless (ASX:MWR) see record revenue and revised guidance

Company News

by Rachael Jones

Technology company MGM Wireless (ASX:MWR) today reported results for 1H FY20 showing revenue up 87 per cent to $7.6 million.

This result was due to strong sales of SPACETALK which grew 140 per cent to $6.3 million including AllMyTribe app sales of $0.5 million.

Net loss is $2.7 million, due to one-off non-cash expense of options issued of $2.4 million.

UK sales were reported for the first time, recording $1.22 million in revenue mostly though Sky, Europe’s leading media, entertainment and telecommunications company, as well as Dixons Carphone’s Currys PCWorld online and the Company’s SPACETALK.co.uk website.

Shares in MGM Wireless (ASX:MWR) are trading 6.1 per cent higher at 18 cents.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.